According to The Australian Financial Review, Australia's well-known passions of sports, beer and mateship have combined to deliver the country's first crowdfunded pub.
More than 330 investors – some offering as little as $50, some as much as $10,000 – have committed a combined $1.2 million to become part-owners of the latest sports-themed pub developed by US-style chain, The Sporting Globe.
The commitment is almost double the initial $700,000 target The Sporting Globe founders James Sinclair and Brad Harris (the son of Flight Centre co-founder Geoff Harris) hoped to secure for the franchisee of The Sporting Globe Plenty Valley, which will open in March in Melbourne's outer northern suburbs.
"We've seen a lot of interest from the local community and we've also reached out to our own networks," he said.
Equity investors will be entitled to a share of any future dividends and equity gains – if they arise – but perhaps more importantly, they will become part of a member's club that will get exclusive discounts (cheap beer) and special offers (more beer).
It's the first time crowd-sourced funding, which is particularly appealing to younger investors, has been used to raise money for a new pub.